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MetLife Closing Mortgage Unit & Cutting Jobs

IRVING (CBSDFW.COM) – More jobs are falling victim to the housing crisis. One of the nation’s largest life insurance companies, MetLife, has announced that it is closing its mortgage operation. That means that over 4,000 workers are expected to lose their jobs nationwide, including some right here in North Texas.

According to a Bloomberg report, the employee cuts will affect salespeople and support staff. About 800 workers are expected to lose their jobs at the MetLife office in Irving. The company has not officially started layoffs yet, and many of the workers who will be let go have not been formally notified.

Those employees will receive 60 days notice and the opportunity to apply for other jobs at the company.

MetLife said that it was seeking a buyer for the mortgage unit back in October. A deal was reached last month to sell about $7.5 billion of bank deposits to General Electric, but the Federal Reserve rejected the plan.

The move to close the mortgage operation is expected to cost MetLife $90 million to $110 milllion.